1) a term used to describe an idea, a belief, or an incident that will be predominantly understood and accepted by people who are familiar with hip hop speech and street slang.
2) The dealings of African Americans.
"Man, I heard you was involved in some pretty heavy shit".
"Nah man, aint nuttin but some ghetto bizness".
The conglomerate of jizz and juice that you find on your face once you have driven through the part of your neighborhood that is known for its chicken heads and playa-hatas.
Person 1:
"You better wipe that ghetto jelly off your face before my mom smells it on you. She may want to suck your dick."